Microsoft has announced it is selling the feature phone business it acquired from Nokia to FIH Mobile, a subsidiary of Foxconn, and the newly-established Finnish company HMD Global for $350 million.

But Nokia is still a mobile phone company at heart, and it has previously hinted at a comeback, only this time around it would focus solely on designing products and then license the designs and Nokia brand to someone that can handle manufacturing, sales and distribution.

HMD Global is a recently-founded company headquartered in Helsinki, Finland, to be run by former Nokia and Microsoft executive Arto Numella.

The company has signed a licensing agreement with Nokia Technologies that gives it the sole use of the Nokia brand on mobile phones and tablets worldwide for the next decade, as well as key cellular patents.

HMD will make Nokia-branded phones using Google's Android and will invest $500 million over the next three years "to support the global marketing of Nokia-branded mobile phones and tablets.

Some rumors say Microsoft may be focusing on a Surface Phone launch next year and it's unlikely we'll see another Lumia this year.

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